Top areas in Chennai for investment | Chennai, the ever-growing capital of Tamil Nadu, is every real estate investor’s investment destination, and here’s why. With multiple healthcare facilities, strong residential and employment hubs, and thriving industrial zones, the land speaks for itself. So, which area is affordable, premium, or more suitable for you? Openplot helps you know where to invest in Chennai.
Table of Content
- Top areas in Chennai to invest in 2024
- Korattur
- Urapakkam
- Choolaimedu
- Pallavaram
- Valasaravakkam
- Medavakkam
- Velachery
- Nearby schools, hospitals, malls
Top areas in Chennai for investment| Demand for the residential segment in Chennai is picking up, despite a slowdown over the years due to the pandemic. According to Cushman & Wakefield’s Q4 2023 report on the Chennai residential market, the first three quarters of 2023 saw a huge increase in new units. 23,000 in the last year. Among these, major residential hubs such as Manapakkam, Madhavaram, Ramapuram and Siruseri witnessed maximum growth along with the under-construction metro corridors.
Top areas in Chennai to invest in 2024
| Locality | Average price per sq ft | Price increase in last five years | Average monthly rent |
|---|---|---|---|
| Korattur | Rs 6,350 | 10.4% | Rs 15,000 onwards |
| Urapakkam | Rs 4,600 | 26 % | Rs 7,500 onwards |
| Choolaimedu | Rs 7,300 | -6 % | Rs 20,000 onwards |
| Pallavaram | Rs 6,050 | 12 % | Rs 10,000 onwards |
| Valasaravakkam | Rs 9,800 | 38 % | Rs 18,000 onwards |
| Medavakkam | Rs 6,000 | 25% | Rs 17,500 onwards |
| Velachery | Rs 8,350 | 13.6% | Rs 15,300 onwards |
Korattur
Korattur is a part of Ambattur Industrial Zone in West Chennai (5 km) on the Chennai-Tiruvallur High Road. Korattur Railway Station and Chennai Suburban Railway Station are about 14 km away. It is considered one of the best places to buy a house in Chennai.
The area has dense foliage and is home to a Tamil Nadu Housing Board (TNHB) colony. Besides, many private residential establishments are also located around the area. More than 60 percent of the inventory in Korattur is 2 BHK units and 25 percent is 3 BHK configurations. Some of the builders in this area are Casagrand Builder Pvt Ltd, Pushkar Properties, and GP Homes.
Urapakkam
Urapakkam is a bustling suburb between Vandalur and Guduvanchery on the Grand Southern Trunk (GST) road and has everything a modern home buyer could wish for. From towering apartment buildings, busy junctions, and an array of popular retail shops, Micro-Market is one of the most favorable residential investment destinations in Chennai. Housing options in the area include off-the-plot developments, apartments, independent houses, and high-rise gated communities.
The locale is full of social amenities and has many educational institutions, healthcare centers, financial institutions, and entertainment options.
Choolaimedu
Choolaimedu is a prominent residential and commercial hub in Chennai, bordering the famous Kodambakkam, Vadapalani, MMDA Colony, and Nungambakkam. About Rs. 7,300 per sq. ft property rates Experts opine that this is one of the best areas to buy a house in Chennai with a monthly rent of Rs.8,000.
Being close to the transport facilities and commercial hub of T Nagar, several hotels and restaurants also surround the area and cater to the entertainment needs of the residents.
Pallavaram
The booming real estate market in Pallavaram offers not only quality infrastructure and excellent living conditions but also numerous residential opportunities. Moreover, the region also has enormous investment potential due to its geographical location.
Located at the junction of Old Mahabalipuram Road (OMR) and Pallavaram-Thoraipakkam Road, Pallavaram is one of the best-connected places to Chennai, facilitating hassle-free travel not only in the city but also to the outskirts. East Coast Road (ECR), Outer Ring Road (ORR), and Trichy-Chennai Highway are also nearby.
Valasaravakkam
Located on Arcot Road, Vahalaravakkam is known for its seamless connectivity to Chennai’s leading commercial hubs of Porur (2 km) and Nungambakkam (10 km). The residential market in this area is full of modern facilities and amenities. Some of the developers on the move include ETA Star Property Developers, Naveen’s Housing and Properties, and JKB Housing. From an investor’s point of view, the average house prices in Valasaravakkam have increased by four percent in the last five years to Rs 7,800 per sq ft.
Medavakkam
If you are looking for a home in South Chennai, Medavakkam has a variety of affordable residential options for you to explore. Also, it is one of the few locations that saw a significant number of new launches in Q4-2023. Moreover, its proximity to four major IT hubs of Sholinganalluru (six km), Thoraipakkam (nice km), Taramani (11 km), and Perungudi (12 km) makes it ideal for corporate workers looking for mid-segment housing. became a preferred residential option.
Velachery
Velachery in South Chennai offers you a premium locality with social amenities, sound connectivity, and growing infrastructure. Home to renowned healthcare facilities and educational institutions, it provides easy access to essential social benefits.
Additionally, Velachery is well connected to the Grand Southern Trunk Road and the Rajiv Gandhi IT Expressway. However, easy transport links are not the only reason to consider Velachery for home buying. Proximity to employment hubs like MPL Silicon Towers, Chennai One IT SEZ, and Bahwan IT Park, within eight km of the local area, is also a factor influencing investment sentiment among buyers and investors.
Nearby schools, hospitals, malls
| Korattur | Annai Violet Arts and Science College, V. Manimekalai Educational Institute, Irik International Academy | KGJ Hospital, Apple Plus Hospital, Korattur Medical Center | Kalaimani Mall, Mena Shopping center, Raja Mall |
| Urapakkam | Crescent Business School, C. Dhanalakshmi College of Engineering, V. Kms Paramedical College | Thalir Hospital, Arokia Annai Hospital, SL Health Care Clinic | Kanishka Shopping Mall, RAA Complex, Krishna Shopping Centre |
| Choolaimedu | Nrv Study Centre, Irik International Academy, Annamal Institute of Hotel Management | Homeocare International Pvt Ltd, Mgm Healthcare Pvt Ltd, Ayur Kshetra Hospital | V R mall, Nexus Vijaya, Ten Square Mall, |
| Pallavaram | Shikshaa Public School, Sri Krish International School S C S Matric Higher Secondary School | PCMC Hospital, Cantonment Board General Hospital, LK Hospitals | Saravana Mall, Grand Galada Mall, Abirami mall |
| Valasaravakkam | D SV High School, S Narayana Olympiad School, Achariya Group of Schools | ANN Hospital, Rakshith Hospital, Rangan Hospital | Nexus Vijaya Mall, Sri Sai square, IFB Point, |
Also read: Mumbai Redevelopment: Rs. 1,200 crore GDV to redevelop 2 housing Societies